Our decision to increase the amount of cash we are returning to shareholders is indicative of our improved cash position ...

Hubert Joly is the present Chief Executive Officer of Best Buy, an American multinational consumer electronics corporation. Its headquarters are situated at Richfield, Minnesota. It has its branches all over the world in countries like the United States, Puerto Rico, Mexico, Canada and China. Best Buy is now an expanded company with its subsidiaries and dealings under different areas. Hubert was the former President, CEO and former director of Carlson.

Hubert Joly is a personality who believes that any person needs to approach problems from different angles in order to be successful. He also believes in the importance of being able to make some plans both in the long term as well in the short term. Mr. Joly also believes that it is very necessary to have a proactive approach when it comes to business.

Best Buy was named "Company of the Year" by Forbes magazine in 2004, "Specialty Retailer of the Decade" by Discount Store News in 2001, ranked in the Top 10 of "America's Most Generous Corporations" by Forbes in 2005 (based on 2004 giving), and made Fortune magazine's List of Most well-liked Companies in 2006.

His Journey with Best Buy

Joly is the present CEO of the company and is in association with it from the past 2 years. He, with his experience in various sectors with various firms stands as a challenging and intellectual competitor for the related companies all over the world. He has brought the company’s standard to different heights. He was successful throughout his 15 years of career in business fields in association with many emerging companies. He is also successful in making justice to his job as the CEO of Best Buy since when he was given the responsibility.

It is also said that Hubert had spent his initial days with the company working as one of the salespersons and he had thus completed the basic sales training which was required. He stated that the last time he worked in a store in the year 1975 and he wanted to learn the business from the frontline rather than from the head quarters. This statement was made before the company hit the headlines of the share price of a company hitting a nine year low.

Later in the month of November, Hubert placed his vision for the company and he then also had a new offer from Richard for the company’s ownership. This was the time when Mr. Joly made several announcements and one of them was the company’s move into the service provision. He later took a bold step by posting the losses of the previous year which was then stated to be $1 billion but yet there was no reduction of the store employees. He went ahead to say that the company would now focus more on the ecommerce business and this goal was to increase the share price of the company by about 7 % to 18%.

Hubert Joly was also responsible for the company’s international business which provides up to 25% of the company’s revenue. But he also stated that they are falling behind the sales in the United States itself. After the end of that financial year, there was a significant rise in the share price of the company and it was estimated to have increased by 15%. This hence led to various announcements which stated that a complete financed offer has been replaced officially by Richard.

He humorously said, “We care for our employees and so we fire them”. This shows his dedication and faithfulness towards his company. It also proves that he is sweet to the sweetest and tougher to the quirky ones. He is an honest and dedicated CEO of the company who believes in this own approach of problem solving.

Family

Hubert Joly aged 55 was born and was also raised up in France. He is presently known to be residing at Richfield, Minnesota in the United States of America. When away from his work role he enjoys to spend time skiing and is involved with the local community and also acts as the Treasury of the Minneapolis Institute of Art.

Early Days and Education

Hubert Joly, now 55, was born in the year 1959 in France. He completed his studies in France itself. He is graduated from Ecole des Hautes Etudes Commerciales de Paris and of the Institut D’études Politiques de Paris. He joined Carlson and worked there for quite a long time. He, then, joined Best Buy and is the CEO of the company with effect from the 17th of August, 2012.

Joly was appointed as the CEO of Carlson in January, 2008. He has crafted and implemented a program called Ambition 2015 which formed a comprehensive strategy to strengthen the position of the company as a leader across its various business divisions. This strategy includes the revitalising and rebuilding of the company’s core brands and brought significant changes in the front line to bring into force, the promises of the brand and also to upgrade the customer experience to have a better feedback on the company. It also took the initiative in major investments to boost up the revenue of the firm in order to increase its global sales as well as the expansion of the company as one of the most emerging multinational companies.

The Spark

Hubert Joly is the present CEO of a multinational consumer goods company, Best Buy. He was elected as a Global Leader for Tomorrow by the World Economic Forum during 1997-1999 and is a Knight in the French National Order of Merit. He is associated with many companies’ growth and expansion. He formed a reason for the wide growth of many sectors of certain companies and the details are as follows.

In the media sector of Vivendi, Joly led the growth and restructuring of its video game business during 1993-2001. There was a huge growth in demand of the games Diablo II and World of Warcraft at that time. He was also a part of the Vivendi’s reframing and restructuring team from 2002 to 2004.

He was associated with the technology sector of EDS (which is now a part of HP) in France from 1996 to 1999. He brought the drastic change in the turnover of the company which increased the profit revenue to 20%. He also rendered his services to the company as its CIO.

He brought a transformation in the service sector of Carlson bringing a growth in its online bookings up to 50%. He increased the sales of the company from $8 billion in 2003 to $25 billion in 2007.

He is also an active member of the Twin Cities Community, Member of the Board of Overseas of the Carlson School of Management, Member of Board of Trustees of the Minneapolis School of Arts and a Member of the Minnesota Business Partnership. He is a member of the Board of Directors of the Ralph Lauren Corp., a leading marketing and retailer of lifestyle products.

Awards & Accolades

Hubert Joly was also awarded as the IT CEO of the year in France

Hubert Joly has been named as one of the 25 of the Most Influential Executives in the Business Travel Industry in the year 2006.

The World Economic Forum also elected him as the Global Leader for Tomorrow from the year 1997 to 1999.

Mr. Joly was also chosen as one of the Young Executives of the year by the well known magazine L’Expansion in the year 1998 in France.

He has also held various positions with the Carlson Restaurants Worldwide.

Professional Affiliations

Vivendi Société Anonyme

Carlson Companies, Inc.

Carlson Wagonlit Travel, Inc.

Ralph Lauren Corporation

Carlson Restaurants Worldwide, Inc.

Radisson Hotels International, Inc.

Country Inn & Suites by Carlson, Inc.

Carlson Wagonlit Travel Canada

CW Government Travel, Inc.

Carlson Hotels Worldwide, Inc.

Institut D’études Politiques De Paris

Groupe HEC

Park Inn Houston North Hotel & Conference Center

Carlson Wagonlit B.V.

Rezidor Hotel Group AB (publ)

Carlson Hotels Asia Pacific Pte Ltd.

RADLAX Gateway Hotel, LLC

Carlson Rezidor Hotel Group

Quotes

You need to feel disposable as opposed to indispensable

There are different ways to skin a cat in terms of a partnership. It can be exclusive, it can be unique shopping experience, it can be deals, and you know a whole variety of things.

There will be immediate short term actions, in particular focused on the holiday season, there will be things we want to pilot or prototype so that we can test them and then there will be a longer term vision.

For a whole variety of reasons, I want to move very quickly.

The U.S Economy is neither horrible nor outstanding. We are not just sitting idle, hoping that the economy is going to give us what we need..

Our decision to increase the amount of cash we are returning to shareholders is indicative of our improved cash position and our confidence in the cash-generating power of our multi-channel business model.